The Federal Government of Nigeria received an additional N3.8 trillion in what appears to be fresh Ways and Means Borrowing in the last six months of 2023.

This is according to provisional data published in the latest Statistics bulletin for the fourth quarter of 2023 recently released by the central bank.

The CBN’s provision data show that the total figure rose from N4.4 trillion at the end of June 2023 meaning that the cumulative Ways and Means balances due by the government now stand at N8.2 trillion as of December 2023.

The Ways and Means provision serve as a mechanism enabling the government to secure short-term or emergency financing from the CBN to address cash flow gaps.

Total Ways and Means balances as of May 2023 when the Tinubu administration took over was N26.95 trillion. However, the balances were securitised as included as part of the federal government’s domestic debt profile.

A cursory analysis of the data shows the balance at the end of June 2023 was N4.36 trillion indicating that the prior month balances may have been moved to the Debt Management Office.

However, from July 2023, the balances increase every month, first to N4.5 trillion in July, then N5.1 trillion in August, crossing the N5.1 trillion mark for the first time.  By September, the total was N6.4 trillion, representing the single largest additional borrowing for a month with about N1.3 trillion. It then climbed to N7.2 trillion in October before rising marginally to N7.6 trillion in November.

At the end of the year, in December, the total hit N8.21 trillion, suggesting that Ways and Means increased by 88 percent in six months.

The Association of Bureau De Change Operators of Nigeria (ABCON) has warned economic saboteurs speculating and hoarding the Naira to desist from such act.

ABCON President, Alhaji Aminu Gwadabe, in a statement on Friday, also said the association would establish a unified retail-end forex market to tackle volatility and boost regulatory compliance among Bureau de Change (BDC) operators.

He said that the strategic plan meant to unify operators from different cadres of the market would include the inauguration of state chapters for market coordination.

This, he noted, was to ensure integration and administration of a united market structure in the BDC sub-sector.

He added that ABCON would upgrade technology in its quest to help in the fight against the sabotage of CBN’s reforms.

“The new blueprint for a united retail end forex market structure would ensure the deployment of a centralised, democratised and liberalised onlinereal-timee trading platform.

“Finally, we also condemn in its entirety the seemingly reappearance of illegal economic behaviours in forex conversion and P2P trading that pose another recent surprises in Naira volatility.

“I therefore want to warn that while surprises are the new normal, resilience is also the new skills,” he said.

The ABCON boss said that he was confident that the apex bank and relevant security agencies were adopting all measures to deal with any saboteurs and retain successes recorded on Naira appreciation.

“It is, therefore, in our own interest to desist from hoarding and speculation as it is a burble and will burst in no distance time,” he added.

Gwadabe said that ABCON would extend its automation policies and platforms to all BDC operators across Nigeria markets and upgrade its Business Process Platform(formerly called SAAZ Master).

Gwadabe said that the association would sustain its engagement with regulatory agencies, security operatives and other government apparatus to entrench a secured and thriving forex market that is supportive to regulation and government.

“Part of our vision for a united retail-end forex market include activating geo mapping and automated BDCs physical office verification exercise using the Remote Gravity Physical verification apps.

“This will enable forex buyers to easily locate where BDCs offices are for effective and seamless transactions,” he said.

He reiterated the benefits of a realistic and vibrant retail-end forex market as supporting Central Bank of Nigeria (CBN’s) goal of achieving true price discovery for the Naira, balancing of international obligations and national objectives.

He listed other benefits to include ensuring ease of regulation, security agencies monitoring and supervision as well as entrenching market visibility for BDC players.

According to Gwadabe, the vision for a united retail-end forex market will help in the provision of market intelligence reports, enhance the local and global image of the BDCs and other stakeholders, market operators and boost employment generation.

The successful execution of this plan, Gwadabe said, would help in seamlessly capturing revenues for government through digitised retail-end market.

He explained that it would also create a well structured, transparent and competitive platform to checkmate the menace of unlicensed platforms like Binance, Aboki FX, ByBit, among others.

He said that ABCON is a self-regulatory body, an umbrella body for all the Central Bank of Nigeria -CBN-licensed BDCs.

“It is a national body, acknowledged by Federal Government and believes that money laundering through the BDCs or any other financial Institution is unacceptable and those found wanting should be punished based on the law,” he said.

He added that the association had over the years “lived up to its name by protecting the interests of genuine forex dealers and supporting a stronger Naira.”

He said that ABCON had since its inauguration, redefined Nigeria’s BDC sector with technology, capacity building for operators and support for exchange rate stability.

Gwadabe said the overall primary goal of ABCON was to ensure forex availability to the critical retail end of the forex market and bridge the gap between the official and the parallel market exchange rates.

“With the world going digital, BDC operators under the ABCON leadership are committed to staying ahead of the competition by deploying time-tested technology to deliver effective services to foreign exchange end-users,” he said.

The share price of FBN Holdings Plc, parent company of the First Bank of Nigeria Ltd, which opened on the floor of the Nigerian Exchange Ltd.(NGX) on Friday at N18.50, gained N1.85 to close at N20.35, following  investors’ renewed interest.

Specifically, FBN Holdings led 17 other gainers by 10 percent and sold a total of 7.74 million shares valued at N156.31 million to close the week.

Recall that last week Monday that investors reacted to a sudden change in the leadership of a major subsidiary of the Group, First Bank Nigeria, over the previous weekend.

First Bank, on Sunday appointed an acting Managing Director/Chief Executive Officer, Mr Olusegun Alebiosu, with immediate effect and subject to the approval of the Central Bank of Nigeria (CBN).

The appointment followed the resignation of the bank’s former Managing Director, Dr Adesola Adeduntan on Friday.

Reacting, Vice Chairman, Highcap Securities Ltd., Mr David Adonri, said FBN Holdings, is a stock that is widely held, and as a result, any change in its value has far reaching effect on the equities market.

Adonri stated that the volatility of FBN Holdings stock recently was a source of anxiety for retail investors especially.

Meanwhile, shareholders of FBN Holdings on Tuesday commended the proactiveness of the Group’s Board of Directors in appointing an acting Managing Director for First Bank Nigeria, emphasising the importance of continuity in the bank’s operations.

The shareholders expressed confidence in Alebiosu’s capabilities, citing his extensive experience within the bank and the broader financial sector.

National Coordinator, Progressive Shareholders Association of Nigeria (PSAN), Mr Boniface Okezie expressed optimism that the resignation of the former managing director will not affect the growth trajectory or stability of the bank.

Okezie stated that this is because the new acting managing director, is also a strong hand within the bank’s system.

Also, former National Coordinator, Independent Shareholders Association of Nigeria (ISAN), Mr Sunny Nwosu, expressed assurance that the acting CEO would excel in his new capacity, having been within the bank’s system with an impressive pedigree.

Nwosu said that Alebiosu would also excel with the support of the board Chairman, Mr Femi Otedola, who is also highly experienced and influential.

Alebiosu, until this appointment, was the Executive Director, Chief Risk Officer and Executive Compliance Officer of the bank since January 2022.

He has core competence also in oil and gas, project financing, agriculture, shipping and aviation.

Alebiosu completed his Bachelors in Industrial Relations and Personnel Management at the University of Lagos in 1990, after which he obtained a Masters in International Law and Diplomacy from the institution in 1997.

The new CEO started as a graduate at the defunct Oceanic Bank in 1991.

From 2006 to 2011, he served as the Group Head of Credit Policy and Product Programmes at the United Bank for Africa.

He later filled the role of Chief Credit Risk Officer at the Continental Development Finance Institution, African Development Bank, in 2011.

At Coronation Merchant Bank Ltd., where he served until 2015, he similarly led the company’s risk management unit.

An alumnus of Harvard Kennedy School of Governance, Alebiosu also holds a Master of Science degree in Development Studies from the London School of Economics.

He has been a chartered accountant for over two decades and a fellow of the Institute of Chartered Accountants of Nigeria (ICAN).

He is an associate of the Nigeria Institute of Management, a member of the Chartered Institute of Bankers of Nigeria, and a member of the Nigeria Institute of International Affairs.